Docupace makes move to buy back stake from RCS Capital

Docupace Technologies, a document management technology company that provides cybersecurity services, is battling to become independent, amidst its majority stakeholder's recent announcement that it is going bankrupt. In a Schedule 13D filed on Monday, Michael Pinsker, president of Docupace, “has had, and intends to continue to have” discussions with RCS Capital to potentially acquire the firm's majority stake in the technology company. In September 2014, RCS Capital, an investment firm founded by real estate investment trust-king Nick Schorsch, acquired majority interest in Docupace. At the start of the year, the firm announced it was filing for Chapter 11 bankruptcy, leaving some industry watchers and advisers to wonder what would happen to the paperless management system. John DeVincent, Docupace's executive vice president of marketing, said the company is “strong and viable,” and that it has retained more than 99% of its existing clients. He also said the staff continues to develop new products. “Management is working hard during this process to gain our independence, similar to other assets that RCS has owned during this process,” Mr. DeVincent said. RCS Capital did not comment.